Correlation Between HUMANA and Siit Dynamic
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By analyzing existing cross correlation between HUMANA INC and Siit Dynamic Asset, you can compare the effects of market volatilities on HUMANA and Siit Dynamic and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HUMANA with a short position of Siit Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Siit Dynamic.
Diversification Opportunities for HUMANA and Siit Dynamic
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Siit is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Siit Dynamic Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siit Dynamic Asset and HUMANA is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HUMANA INC are associated (or correlated) with Siit Dynamic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siit Dynamic Asset has no effect on the direction of HUMANA i.e., HUMANA and Siit Dynamic go up and down completely randomly.
Pair Corralation between HUMANA and Siit Dynamic
Assuming the 90 days trading horizon HUMANA INC is expected to generate 77.68 times more return on investment than Siit Dynamic. However, HUMANA is 77.68 times more volatile than Siit Dynamic Asset. It trades about 0.07 of its potential returns per unit of risk. Siit Dynamic Asset is currently generating about 0.04 per unit of risk. If you would invest 7,962 in HUMANA INC on August 24, 2024 and sell it today you would earn a total of 73.00 from holding HUMANA INC or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.75% |
| Values | Daily Returns |
HUMANA INC vs. Siit Dynamic Asset
Performance |
| Timeline |
| HUMANA INC |
| Siit Dynamic Asset |
HUMANA and Siit Dynamic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Siit Dynamic
The main advantage of trading using opposite HUMANA and Siit Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Siit Dynamic can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Siit Dynamic will offset losses from the drop in Siit Dynamic's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Siit Dynamic vs. Nuveen Large Cap | Siit Dynamic vs. Nuveen Large Cap | Siit Dynamic vs. HUMANA INC | Siit Dynamic vs. SCOR PK |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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